Net Cash Flow from Operating Activities for 2015 for Spencer

Multiple Choice

Net cash flow from operating activities for 2015 for Spencer Corporation was $400,000. The following items are reported on the financial statements for 2015: $\begin{array}{lr}\text { Cash dividends paid on common stock } & \$ 20,000 \\\text { Depreciation and amortization } & 12,000 \\\text { Increase in accounts receivables } & 24,000\end{array}$ Based on the information above, Spencer's net income for 2015 was

A) $412,000.
B) $396,000.
C) $364,000.
D) $356,000.